《大行報告》瑞信下調蔚來(NIO.US)目標價至17.2美元 評級「跑贏大市」
瑞信發表研究報告指,蔚來汽車(NIO.US)第三季業績低於市場預期,期內,淨虧損41.4億元人民幣按年升45%,主要是由於汽車毛利率低於預期,按季下降0.3個百分點至16.4%,而且研發費用高於預期。
該行表示,考慮到蔚來較預期低的毛利率和較高的研發費用,假設利潤率和銷量較低,將蔚來2022至24年每股收益預測下調,對其目標價由38美元降至17.2美元,維持「跑贏大市」評級。
瑞信提到,蔚來將第四季交付量指引定為4.3萬至4.8萬輛,按季增加36至52%,屬季度交付量新高。因此,意味著今年11月和12月的月均交付量將達1.65萬至1.9萬輛。
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